Forex Videos

Archives

Oil Prices End Week in Negative Zone

August 10, 2018 at 16:59by K. Prabhu

Crude Oil risks to suffer huge losses by the end of this week. The commodity is still trading at lows. The Brent Crude Benchmark has barely touched the level of $71.50 per barrel. Currently, the price is correcting its movement. The anti-Iranian sanctions do not provide support to the commodity as traders shifted their attention to the trade conflict between the United States and China. WTI Crude Benchmark is also trading with the bearish bias. The price is hovering near the level of $67 per barrel. Market participants are waiting for publication of the oil rig count report from Baker Hughes. However, this report will unlikely make any significant impact.

Experts predict that the oil market will end this trading week in the red zone. The Russian ruble also faces downward risks against the American currency. The USD/RUB pair reached the level of 67.00. The Russian national currency fell victim to the continuous protectionist policy pursued by the United States. Analysts expect the pair to reach the level of 70.00. The new package of anti-Russian sanctions will come into force in 2 weeks. Amid that, the Russian ruble is likely to come under pressure. Besides, experts say that the demand for Crude Oil will also remain low, but the effect will not be as protracted in the USD/RUB pair.